In order to shore up SS & Medicare:
They should take the cap off SS, for folks making over $250,000 & $300,000 for couples. Have them pay all year.
For 2013, you will pay Social Security taxes on income below $113,700.
Employees — the Social Security tax rate is 6.2 percent on income under $113,700 through the end of 2013. The
Medicare tax rate is 1.45 percent of all income;
Employers — the Social Security tax rate is 6.2 percent. The Medicate tax rate is 1.45 percent; and
Self-employed —the Social Security tax rate is 12.4 percent on income under $113,700 through the end of 2013. The Medicare tax rate is 2.9 percent.
http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/240/~/social-security-and-medicare-tax-rates%3B-maximum-taxable-earnings
DO SOMETHING!
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